India's Pharma Business Can Reach $130 Billion By 2030: Industry Experts

India's pharmaceutical business may exceed $130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets, industry experts said on Tuesday.

The business stood at over $50 billion for the 2022-23 fiscal, they noted.

Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India) Veeramani S V said the Indian pharmaceutical industry is on a compelling growth trajectory, evidenced by an 8% year-to-date increase in exports and a remarkable 29% surge in October alone.

"This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive," he said.

Veeramani noted that the domestic market has exhibited impressive growth, exceeding 10%. "Driven by this momentum, I am confident in reaching the 130 billion mark by 2030," he said.

The figures were shared at the inauguration of the 16th edition of CPHI & PMEC India Expo -- a preeminent pharmaceutical B2B event -- held at the India Expo Mart and Centre in Greater Noida.

Event organisers Informa Markets said this edition -- their largest ever -- has brought together over 50,000 visitors from across the globe, with more than 1,500 exhibitors showcasing over 10,000 products and representation from over 80 countries.

Director General of Organisation of Pharmaceutical Producers of India (OPPI) Anil Matai anticipates a trajectory of sustained growth.

However, achieving this necessitates regulatory reforms to foster industry growth, address patient needs, and promote disruptive innovation, as we learned from the pandemic, he noted.

Executive Director of Bulk Drug Manufacturing Association (BDMA) Eshwar Reddy said the 2023 CPHI Pharma Index, score of 7.187 underscores the industry's drive for innovation and self-sufficiency, positioning these events as crucial platforms to showcase advancements, foster collaborations, and drive growth.

Yogesh Mudras, Managing Director of Informa Markets in India, said India's pharmaceutical prowess, contributing a formidable 20% to global exports, achieved a remarkable $25.3 billion (Rs 2.1 lakh crores) in the 2022–2023 fiscal year.

"Robust R&D investments from both domestic and international players drive innovation, a pivotal force propelling market expansion," he said.

Among notable exhibitors in the industry event include Dr Reddy's Laboratories Ltd, Biocon Ltd, Glenmark Lifesciences Ltd, Piramal Pharma Solutions, Hetero Labs Limited, ACG, IMA Industria Macchine Automatiche SPA, Fette Compacting Machinery India Pvt Ltd, Supriya Lifescience Ltd and Ace Technologies & Packaging Systems Pvt Ltd.